Three-Building Industrial Portfolio in Sunrise Trades for Nearly $40M

By Georgiana Mihaila, Associate Editor

CBRE recently assisted Irving, Texas-based Cobalt Capital Partners in finding a buyer for a three-building, Class A industrial portfolio located within the prestigious Sawgrass International Corporate Park in Sunrise, Fla. Industrial Income Trust of Denver paid $39.35 million for the Sunrise Distribution Center, located at 900 International Pkwy., 14599 NW 8th St. and 13801 NW 4th St.

Totaling 401,650 square feet and featuring 24- to 26-foot clear heights, the buildings in the portfolio were first acquired by Cobalt Capital in August 2010, at the time boasting a 91 percent occupancy rate with one vacancy. Cobalt leased the vacant space and renewed two other tenants on a long-term basis during its ownership.

“This transaction is a good example of our value-add program in the light industrial sector,” said Lewis D. Friedland, Cobalt’s Managing Partner. “Through leasing activity and capital improvements, our asset management and leasing teams worked together to add a significant amount of value to this asset for our investors.”

As part of the Sawgrass International Corporate Park, the buildings benefit from access to nearby interchange of I-75, I-595 and Sawgrass Expressway. Buyer Industrial Income Trust owns two other properties within the Corporate Park.

In other industrial news, Terreno Realty Corporation signed a Miami-based paperboard packaging and printing company to occupy one of its properties in Doral, Fla. The company, whose name has not been disclosed, will occupy the entire 75,000-square-foot facility at 1401 NW 78th Ave. starting June 1, 2013, with the lease ending October 2020.